Profile: Occidental Petroleum Corp (OXY)
20 Mar 2019
Occidental Petroleum Corporation (Occidental), incorporated on April 9, 1986, is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), and midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas. The OxyChem segment manufactures and markets basic chemicals and vinyls. The midstream and marketing segment gathers, processes, transports, stores, purchases and markets oil, condensate, NGLs, natural gas, carbon dioxide (CO2) and power. It also trades around its assets, including transportation and storage capacity. Additionally, the midstream and marketing segment invests in entities that conduct similar activities. Occidental's domestic upstream oil and gas operations are located in New Mexico and Texas. Its international operations are located in Bolivia, Colombia, Oman, Qatar and the United Arab Emirates (UAE).
Oil and Gas Operations
The Company conducts its domestic operations through land leases, subsurface mineral rights it owns or a combination of both surface land and subsurface mineral rights it owns. Occidental's domestic oil and gas leases have a primary term ranging from 1 to 10 years. Occidental's Permian Basin production is diversified across a number of producing areas. The basin extends throughout west Texas and southeast New Mexico and is an active oil basin in the United States. Occidental is an operator and producer of oil in the Permian Basin. Occidental also produces and processes natural gas and NGLs in the basin. Occidental manages its Permian Basin operations through two business units: Permian Resources, which includes unconventional opportunities and Permian EOR, which utilizes enhanced oil recovery techniques, such as CO2 floods and waterfloods. As of December 31, 2016, Permian Resources drilled 63 horizontal wells.
As of December 31, 2016, Occidental held approximately 178,000 net acres in South Texas. As of December 31, 2016, Occidental's share of production in South Texas and Other was approximately 33,000 barrel of oil equivalent (BOE) per day. In Oman, Occidental is the operator of Block 9, Block 27, Block 53 and Block 62. Occidental has working interests in the La Cira-Infantas and Teca areas and has operations within the Llanos Norte Basin. Occidental also holds working interests in the Tarija, Chuquisaca and Santa Cruz regions of Bolivia, which produce gas. As of December 31, 2016, Occidental's share of production from Bolivia was 1,000 BOE per day in 2016. In Qatar, Occidental is the operator of the offshore fields Idd El Shargi North Dome (ISND) and Idd El Shargi South Dome (ISSD). As of December 31, 2016, Occidental's share of production from Qatar was approximately 108,000 BOE per day.
As of December 31, 2016, OxyChem owned and operated manufacturing plants at 23 domestic sites in Alabama, Georgia, Illinois, Kansas, Louisiana, Michigan, New Jersey, New York, Ohio, Pennsylvania, Tennessee and Texas and at two international sites in Canada and Chile. OxyChem produces products, including basic chemicals, such as chlorine, caustic soda, chlorinated organics, potassium chemicals, chlorinated isocyanurates, calcium chloride and others; Vinyls, such as vinyl chloride monomer (VCM) and polyvinyl chloride (PVC), and other chemicals, such as resorcinol. Its products are used in various applications, such as pulp, paper and aluminum production; catalysts, soaps, detergents and paint pigments; swimming pool sanitation and disinfecting products, and ice melting, dust control, road stabilization and oil field services.
Midstream and Marketing Operations
The Company's midstream and marketing segment invests in and operates pipeline systems, gas plants, co-generation facilities, and storage facilities. Occidental's domestic pipeline business is to ensure that its pipeline and gathering systems connect various production areas to multiple market locations. Transportation rates are regulated and tariff-based. Other midstream and marketing operations also support Occidental's domestic and international oil and gas and chemical operations. The midstream and marketing operations are conducted in the locations, including Texas, New Mexico, Colorado, Oklahoma and Louisiana. As of December 31, 2016, Occidental owned an oil common carrier pipeline and storage system with approximately 2,900 miles of pipelines from southeast New Mexico across the Permian Basin in west Texas to Cushing, Oklahoma.
Occidental Petroleum Corp
5 Greenway Plz Ste 110
HOUSTON TX 77046-0521
Company Web Links
- Exclusive: Occidental emerges as heavy hitter in U.S. oil export boom
- REUTERS NEWS SCHEDULE AT 10 p.m. GMT/6 a.m. SGT
- Moda Midstream eyes second supertanker berth at Texas terminal: CEO
- UPDATE 1-Moda Midstream eyes second supertanker berth at Texas terminal -CEO
- Oman signs oil agreement with Occidental Oman for Block 72: ministry twitter